Wealth Creators Blog

Is Managing Money Just Avoiding Debt?

I initiated a simple discussion recently with women on money on Facebook and LinkedIn. I began by asking if managing money was just avoiding debt. And, the responses informed me that I was surrounded by #financially #intelligent #women. Not only are they sharing the theory, they also do follow it in their practical life. How do I know this? Because they are in our active, doing, learning women #wealthcreators #community. So here it goes:

The discussion began with Neeta on Facebook and Jyotika on LinkedIn saying that staying out of #debt is just one part of managing #money. It is not the only thing. There are other aspects too.Niki added to the discussion by sharing some other aspects.

She said:

1. Having a financial goal,

2. Living within your budget, and

3. Making money work for you, especially through instruments that give you a passive income

All of these are important in managing money too. And then, Jaya shared more aspects. She said:

4. Invest first/build assets first, spend later

5. Watch your spending habits.

6. Identify your needs and wants

7. Increase your sources of income.

Stuti then added to this:

8. Chose the right friends! In other words, be with and learn from people who use their money well.

And, finally

11. The icing on the cake was Dr.Adi Sabnis sharing that we need to build a healthy credit score too – which is a valuable part of money management.

Summarizing the discussion on debt

1. Have a financial #goal

2. Live within your money means

3. Make money work for you

4. Invest first/build #assets first, #spend later

5. Watch your #spending #habits. 6. Identify your needs and wants

7. Increase your sources of #income

8. Chose right friends!

9. Build a good #credit score

10. Distinguish bad debt from good debt

If you want to learn how to make money work for you practically, on-the-ground, then we are a community for that. We are on a mission to help women take charge of their finances, and get involved in major #financial decision making in their house.